Home / Business and Economy / McDermott Completes Major Refinancing Effort
McDermott Completes Major Refinancing Effort
21 Sep
Summary
- Company successfully raised $500 million via equity rights offering.
- A $550 million senior secured bond was issued in the Nordic market.
- New financing strengthens capital structure for future growth.
McDermott International announced on September 21, 2026, the successful finalization of its extensive refinancing strategy. This significant financial maneuver involved multiple components designed to bolster the company's capital structure and ensure long-term stability.
The refinancing package encompasses a $500 million equity rights offering, which saw strong participation from existing shareholders. Additionally, McDermott issued $550 million in senior secured Nordic bonds, maturing in 2031.
Further bolstering its financial flexibility, the company secured a new long-term letter of credit and guarantee facility, alongside a revolving credit facility. These collective actions are strategically aimed at extending McDermott's debt maturity timeline and reducing its overall leverage.
McDermott's CEO, Michael McKelvy, expressed confidence that this transaction reflects strong support from stakeholders. He indicated that the strengthened financial position will enable the company to continue its momentum in project delivery and customer service.
